More empty promises and politicians showing their lack of economic knowledge on display last night. They basically are trying to force the standard of living up with wealth redistribution. They don’t however take into account where this extra money is going to come from. Its not like the government makes any money on its own so its coming from your own pockets. Or from another loan to China.
It seems the argument is that lots of things cause inflation, so who cares if we raise the minimum wage? The point is that if raising the minimum wage increases inflation then the newly found buying power is eroded and if the solution is to have regular hikes in the minimum wage then basically we are feeding an inflation fire.
Here we are in the United States pretending to know what we are doing meanwhile nations like Norway, Sweden, Germany, Finland, Austria, Switzerland, etc. don’t even have a national minimum wage.
Furthermore I encourage you to look at the correlation between the unemployment rates of states and states with the highest minimum wages. Most of the states with the highest unemployment rates have minimum wages well beyond the current nationally mandated wage of $7.25.